You might think it's an old cliché that we hit a point of dissatisfaction in mid life.

But new research set to be published in The Economic Journal has confirmed that wellbeing does in fact reach a low point in our early 40s.

The good news is that satisfaction starts to rise again and continues to increase until the age of 70, according to the findings published in The Guardian.

The midlife crisis does exist according to a study set to be published in The Economic Jounral. Researchers found that human happiness is U-shaped and reaches its lowest point between the ages of 40 and 42

The study carried out by economists Terence Cheng, Nick Powdthavee and Andrew Oswald, wellbeing expert and professor of economics at the University of Warwick, tracked 50,000 adults in Australia, Britain and German.

Participants filled in life-satisfaction questionnaires in which they rated their happiness in life on a scale of one to 10.

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The study leaders then selected a number of people at random and measured the changes in their happiness levels throughout their lives.

Researchers state that happiness is U-shaped and after reaching a low in the early 40s it starts to increase again until the age of 70

By comparing the data from the three countries they were able to conclude that happiness levels start to go downhill in adulthood and hit rock bottom between the ages of 40 and 42.

They follow a U-shape, rising again until the age of 70.

Middle age is a time when many people will be shouldering the responsibility of looking after children and their ageing parents

'Following the same men and women through the years of their evolving lives, we show that there is multi-country evidence for a U-shape in the level of human wellbeing,' the report states.

The outcome of the research contradicts an influential US study which argues that happiness follows a reverse U-shape, and that human wellbeing is at a peak in midlife.

The study authors didn't give an explanation for the pattern, but they stated that raising children has no impact on happiness levels.

'The existence of this midlife nadir is not because of the presence of young children in the household,' they report.

'Adjusting for the number, and the ages, of any dependent offspring leaves the pattern unchanged,'

However, Phillip Hodson a psychotherapist and patron of the West London Centre for Counselling, says the dip in happiness is most likely down to the fact that the 'burdens of life fall on the middle-aged'.

'Childhood and old age are protected times of life to a degree,' he says.

'In old age you are funded or you have funded it. It’s the same for a child. You are looked after at both ends of life and your responsibilities are fewer.'

However, in midlife it's likely you will be shouldering the burden of looking after both children and ageing parents.

'You are working as you will probably never work again in older age and probably harder than you did when you were younger,' he says.

'You are also having to be on call a lot, time wise, so your days are long and your purse is stretched.

Raising children does not have a knock on effect on happiness levels in a positive or negative way, the study's authors commented

'This is almost universally the case, regardless of whether you live in Venezuela or England.'

The study is the first to monitor human happiness and wellbeing across the entire life span, and proves the theory that contentment over the course of life is U shaped.

Previous happiness studies have given the same outcome.

But by tracking the lives of tens of thousands of people over decades and in different countries, the study proves that the U-shape phenomenon is universal and not confined to one geographic location.